Saturday, November 19, 2016

If Knitters/Crocheters Earned a Minimum Wage...*


I was trying to find a (very) general price guideline to really demonstrate that hand knitting/crocheting an item represents a significant amount of effort. The current consumer market for handmade knitwear is actually very low at the moment; a guess estimate for an average market price is the price of the yarn + 15% commission (or less). So, I tried to create my best guess of what a knitter would charge for their knitwear if they wanted to earn minimum wage for their time (below).* Although my equation includes a whole host of variables; it does not include any business planning time, taxes, or shipping materials which would affect
 any real knitwear seller.

Total Unit Price: M + 0.1Q + 0.1X + L + 0.1P


Fancy; but what would that mean? 


So for a pair of plain (stockinette) socks 
let's break down my equation:

Price of Project Specific Materials (M): $13.00 
Price of Equipment (Q) : $ 0.87
Price of Experience: $2.50 = [7 Techniques (Cast On, Kitchner Stitch, Increase, Decrease, Pick Up Stitches, 2 Shaping Decisions-Yarn Gauge & Size for Foot) + 18 Years at Craft] x 10%
Price of Labor (L) : $130.4 = 16 hours x $8.15 (2017 Ohio Minimum Wage)
Profit Minimum: $14.68 = 10% of  $146.77

Total Asking Price: $ 161.45


Definitions of Variables 

Price of Project Specific Materials
This would include items which you use most/all of in the project like yarn and beads.
 
Price of Equipment
This is based on recouping the cost of what I consider basic knitting equipment within 150 commissions. These prices are not the lowest - nor the highest on the tool spectrum and are a rough average price. Remember to change the Needle Price & Percentage to reflect the true number of needles in a project.
               
EquipmentPrice ($)Lifespan (Years)10%
1 Set of Circular Needles or 2 Sets of Double Pointed Needles 9.80 10 0.098
Wool Wash 13.00 7 0.186
Pins 5.00 15 0.033
Blocking Boards 15.00 10 0.150
Yarn Needles or Stitch Markers 3.00 10 0.030
Yarn Winder 20.00 10 0.200
Swift 50.00 30 0.170
Total115.80N/A0.867

Price of Experience
(Range of techniques needed in the pattern + years of experience in the craft) x 0.10
 
Price of Labor
Minimum Wage x Hours Worked
This does not include any time for accounting, advertising, customer service, business planning, etc. 
 
Minimum Profit
+ 10% of all previous Pricing Variables
This is to add a teeny price cushion for the producer to learn new techniques, upgrade equipment, raise future product quality, treat any craft injuries, buy material storage, advertising, etc.

 

* This set of equations is based on my remembered knowledge from a basic economics class over eight years ago and basic business math classes. Please do not consider this solid business advice; consult with a professional!

Wednesday, March 16, 2016

Vacillate



KnitPicks Stroll Tonal in the colorways Deep Waters and Wine Tasting.


Size 6 needles.


LOVE this color combo.

Thursday, March 3, 2016

Black Raspberries Progressive


5 ounces of Bee Mice Elf in the Superheroine colorway, 
972 yards, 2 ply. : )

Received this for Christmas and spun up very quickly.
The first spin which used my new Kromski Minstrel Bulky Flyer!
Still had to split the spin in half but it was understandable due to the final yardage.... 

Monday, February 29, 2016

Mint Chocolate Secret of Change Shawl


Love this shawl of my hand spun; it knit up so quickly.


Size 6 needles, 838 yards of my handspun of a Polwarth/Silk 
non-repeatable blend from Fiber Optic Yarns.

Friday, November 27, 2015

Macaw


Chain plied with 144 + 164 + 170 + 138 = 616 yards.
Love the final yarn, but I'm unsure what to do with it due to the yellow/orange....

http://www.ravelry.com/people/gizmo098/handspun/macaw 

8 ounces of 100% Corridale, 
Pastels colorway.

http://www.ravelry.com/people/gizmo098/handspun/macaw

Orenburg Wrap

http://www.ravelry.com/projects/gizmo098/orenburg-style-wrap 
I had the privilege to test knit for Natalia Shepeleva
 and her Orenburg Style Wrap pattern : )

http://www.ravelry.com/projects/gizmo098/orenburg-style-wrap

Her pattern is clearly charted and is very intuitive.



http://www.ravelry.com/projects/gizmo098/orenburg-style-wrap
 Size 3 needles, two skeins of Cascade Yarns Alpaca Lace in the Ecru colorway.

Wednesday, November 25, 2015

Emily, Take Two

  The second time I've spun this colorway; this time for me.
Greenwood Fiberworks in the Emily colorway, 4 ounces of 100% Polwarth wool.
The braid did come in two irregular pieces and I did a bit of color management
 to get the colors to mostly match up.

Deadly Nightshade

http://www.ravelry.com/people/gizmo098/handspun/deadly-nightshade
Lovely chain ply spin with 100% Superwash Merino 
from Into The Whirled in the Death colorway.
4 ounces, 647 yards.
Discovered with this skein that my niddy noddy was too large and so I had to go back and recalculate my yardage for all of my previous handspun. I finally figured out exactly how off it was from 2 yards and wrote an equation into my graphing calculator which saved my quite a bit of time.

Tuesday, November 24, 2015

Raspberry Pebble Beach

http://www.ravelry.com/projects/gizmo098/pebble-beach-shawl-2
Present to my Grandma in celebration of teaching me how to knit 
over 15 years ago : D

http://www.ravelry.com/projects/gizmo098/pebble-beach-shawl-2
Pebble Beach Shawl by Helen Stewart, size small.
Size 6 needles, KnitPicks Alpaca Cloud in the Raspberry Heather colorway.

Monday, November 23, 2015

Pebble Beach Shawlette

http://www.ravelry.com/projects/gizmo098/pebble-beach-shawl

Finished my Pebble Beach Shawl by Helen Stewart (size small) and love how versatile it is : )
Size 6 needles, Swans Island Pure Blends Fingering in the Seasmoke colorway.
Yarn twisted horribly for me (how I tension my yarn added twist ugh).